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* America Online Inc. named Stephen M. Swad, a Turner Broadcasting executive and AOL Time Warner Inc. veteran, its new chief financial officer, the latest sign that the online giant’s corporate parent is taking an active role in efforts to reposition the troubled business.

* Outgoing AOL Time Warner Inc. Vice Chairman Ted Turner sold 1 million shares of the media giant’s common stock, marking his sixth sale since Jan. 31.

* The publisher of Red Herring magazine said its recently distributed March issue would be its last, making it the latest media casualty of the Silicon Valley’s high-tech crash.

* Next Level Communications Inc. of Rohnert Park, Calif., lost its appeal of a ruling that clears the way for Schaumburg, Ill.-based Motorola Inc.'s $30-million bid for the 26% of Next Level it doesn’t already own.

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* Billionaire Warren Buffett terminated a $579-million bid for textile maker Burlington Industries Inc.

* Juice maker Ocean Spray said it rejected an unsolicited offer from Northland Cranberries Inc. to buy its beverage business for about $800 million.

* The Justice Department sued meatpacking giant Smithfield Foods Inc. for $5.4 million, accusing the Smithfield, Va., company of breaking antitrust laws by failing to report stock acquisitions before it bought competitor IBP Inc.

* A former executive for Qwest Communications International Inc. pleaded not guilty to federal charges in Denver that he and three other former executives schemed to inflate the regional telephone company’s revenue. Grant Graham, 37, was released on a $100,000 unsecured bond.


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